I have been reading the argument on how people sign the contract and should be liable for their debt they are incurring from their student loans. How many actually read the document and how many were encouraged by television ads and other media or even friends and counselors at school that getting a higher education is the way to go. I realize now that higher education was a wonderful thing, however not worth the cost of it. Education in this country should be free, then we would not care as much how terrible our politicians are today and how worthless our government is as a whole. People need to stand up for what they believe and wake up to what is happening.
Years ago I went to college to study accounting, and like millions of other Americans I took out loans to pay for it. A few years later I got a temporary job in the accounting department at Bain & Co., and after 6 months of reliable work I was thrilled to be offered a full-time position.
However, just a few weeks after starting in my new position the company fired me because my debt-to-credit ratio was too high. I later learned that 60% of employers now check credit reports, which typically include student debts. How are you supposed to pay off your student debts if you can’t get (or keep) a job BECAUSE of your debts? And what do my student debts have to do with my ability to do a job well anyway?
25 states have debated bills in the last year to restrict this practice, and in a number of these states one company has fought hardest against these efforts: credit reporting company TransUnion.
What’s ironic is that Penny Pritzker, TransUnion’s Chair and part owner, sits on President Obama’s Jobs and Competitiveness Council, which advises the President on putting Americans back to work. How can someone advise on national job creation when her company sells products that may keep qualified people out of work?
Please join me and 25 national civil rights organizations in calling on TransUnion to stop its sale of credit reports to employers. As the only one of the “Big 3” credit reporting companies that’s privately held, TransUnion has the ability to stop this practice overnight.
It was recently announced that in the coming weeks TransUnion will be sold to two private equity companies, including Goldman Sachs. If Penny Pritzker is serious about job creation, she should do what she can to ensure that her company stops this abusive practice before the company is sold.
Click HERE to sign Latoya’s Change.org petition
Pls RT: what does my student debt have to do w/ my ability to do my job? #StopTransUnion #OccupyStudentDebt #UniteHere http://www.change.org/petitions/transunion-stop-selling-credit-reports-to-employers
I am 33 years old and currently have $25,000 worth of student loan debt. The majority of my student loans are private loans from Sallie Mae. I’ve been paying back these loans since 2008 and my principal balance has not decreased. It sucks the interest rates on student loans are so high.
The weight of student loan debt makes it harder for students to further their education and it’s a disservice to society. Why are people being punished for furthering their education? When people are educated there is a greater chance they will become productive citizens. There has to be student debt reform!
I borrowed $70,000 total (federal and private). After a year of deferment due to not being able to find a job right away, I now owe $92,000. Wells Fargo almost didn’t let me defer. I make $29,000 annually. I’m a music teacher.
Outstanding Balance: $7,904.52View Payoff Details Scheduled Payment $200.00 on 3/14/2012 Monthly Auto-Debit 108.67 on 9/28/2015 Last Payment:
$2,400.00 on 2/2/2024
Status:
Multiple
Benefits/Details View Loan Benefits and Details
I am paying and paying and paying, came from Poland, study English and Economics in Central Connecticut State University and I am not a deadbeat. I took $14,000 for my Bachelor degree and I have 3 more semesters until I graduate. I will graduate without taking more loans, as I found a way to get grants and scholarships until graduation. Anyway, I borrowed $14K, paid $6,100 so far and still owe $7,900! Why is college so expensive? I pay $200 each week but the balance is moving so slow. Is there any option to get the hell out of the balance?
At a time when young people should be planning their lives, many now are faced with inescapable lifelong student debt which sucks away most of their disposable income.Many in our generation wake up every morning and realize that we will never be able to afford a car, a home, health insurance, or even to start a family. The American Dream?Gone.
Since 1978 college tuition has skyrocketed over 900% while, simultaneously, funding for grants continue to be slashed. The result?Students are forced to mortgage their futures with non-dischargeable student loans. Since 1999, student debt has increased by 511%,nearing $1 Trillion.
To make matters worse, at least 1 out of 5 students currently DEFAULT on their loans, resulting in devastating consequences, including: exorbitant fees and penalties, exploding and usurious interest rates, destroyed credit ratings, possible suspension of driver’s licenses, possible suspension of professional licenses, and more.
We stand in solidarity with everyone that is fed up with this predatory lending system.We are OccupyStudentDebt.This is why we occupy. We are the 99%!
Who is YOUR Representative? Work with Occupy Student Debt and Forgive Student Loan Debt to petition EVERY Representative to support HR 4170. Start your own petition urging YOUR Representative to support the Student Loan Forgiveness Act of 2012.
Dear Representative ________,
My name is _________, and as one of your constituents, I urge you to support H.R. 4170 The Student Loan Forgiveness Act of 2012. Like so many other young people, I borrowed money for school and I’m drowning in debt. I borrowed ________, paid ________ and still owe_____. With 2/3 of college students borrowing money for school and 1 out of 5 defaulting on their student loans, we clearly need serious and swift action. We are suffering and want to contribute to society but we’re drowning in debt.
Rep _______, please support ending indentured servitude and support the Student Loan Forgiveness Act of 2012 (HR 4170).
Current balance, $175,000. Original Principle was $120,000. Administered by Sallie Mae and National Collegiate Trust (American Education Services) I imagine in the next few years it will be a quarter million.
I’ve never been able to touch the principle since i started paying. I struggled finding a job for 2 years after school, and my interest skyrocketed during forbearance and deferment.
Now i finally have a well paying job as a graphic designer, and i still struggle. My job is very demanding, i work long hours, and usually have to take side work to make due. I mostly live paycheck to paycheck, my monthly payments equal around another month’s rent, about $1200. I also suffered two great family losses in one year, had to move, and had some health problems. Which put a huge financial burden on my life. Sallie Mae and National Collegiate Trust have no sympathy or understanding for their customers. At this point i’m so far behind payments, I have no idea how i’m going to catch up. I get about eight phone calls a day harassing me for money i don’t have, threatening to sue me, and unwilling to work around my pay schedule or income. It’s humiliating, demoralizing, and disruptive. This disturbance and added stress makes it difficult to concentrate on my work, and takes a toll on my general well being. I’ve even had the collections agencies (who are owned by the lenders) make harassing phone calls to my office, extended family, and even friends.
At 19, had i known my education was going to cost me over a quarter million dollars, i would have made other arrangements. But the schools are payed by these lenders to sell you these loans, and they sell that dream of success really well. My only hope now is that my family and I remain in good health and hopefully the laws change soon.
